Rising Prevalence of Cancer is Boosting the Market Growth, along with the Increasing Clinical Studies on Cancer Drugs will drive Oncology Drugs Market
ABOUT THIS REPORT
new report guarantee
Latest Report with Current Industry Impact Analysis
Instant delivery of digital files on the payment confirmation
Oncology Drugs Market was valued at $95.4 billion in 2019 with a CAGR of 7.6% from 2020 to 2026.
Oncology drug is used for cancer treatment. Oncology drug kills the cancer cells or stops them from growing and spreading to other parts of your body. Oncology drug class type includes Chemotherapy, Targeted Therapy, Immunotherapy, and Hormonal Therapy.
The rising prevalence of cancer is boosting the oncology drug market. For instance, according to the American Institute for Cancer Research, breast cancer is the second most common cancer globally. Globally, around 2 million new cases of breast cancer are diagnosed in 2018. Around 627,000 women died from breast cancer, which is approximately 15% of all cancer deaths among women in 2018. According to the American Cancer Society, it is estimated that in 2020 there will be 191,930 new cases of prostate cancer and 33,330 deaths from prostate cancer in the United States. According to the World Health Organization (WHO), globally, lung cancer accounts for 2.09 million cases in 2018. According to the American Cancer Society, in 2020, an estimated 228,820 new cases of lung cancer were diagnosed in the United States. According to the World Health Organization (WHO), globally, colorectal cancer accounts for 1.80 million cases in 2018. According to the American Cancer Society’s (ACS), in 2020, an estimated 147,950 adults in the United States are expected to get diagnosed with colorectal cancer. According to the World Health Organization (WHO), every year, around 900,000 people worldwide are diagnosed with blood cancer. Further, increasing clinical studies on oncology drugs is a key driving factor of the market.
Targeted Drugs, Chemotherapy Drugs, Immunotherapy, and Hormonal Therapy Drugs is the type segment of the market scope. By application, the market is divided into Breast Cancer, Colorectal Cancer, Lung Cancer, Blood Cancer, Prostate Cancer, and Others. By distribution channels, the market is further divided into Hospitals Pharmacies, Online Pharmacies, and Retail Pharmacies. The report covers value of the global market by type, application, and distribution channel.
Targeted drug was dominating the oncology drugs market in 2019, owing to the increasing research and development activities for targeted drugs, rising investment for development and commercialization of oncology drugs, and regulatory approval of targeted drugs for cancer treatment.
North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global oncology drugs value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America was dominating the oncology drugs market in 2019, due to the rising prevalence of cancer in North American region, increasing clinical studies on oncology drugs, commercialization of regulatory approved oncology drugs, and increasing investment for the development of oncology drugs.
Major players operating in the oncology drugs industry include Pfizer Inc., Johnson & Johnson, Roche Holding AG, Merck & Co. Inc, Novartis AG, Bristol-Myers Squibb Company, Astellas Pharma Inc., AstraZeneca PLC, AbbVie Inc., and Eli Lilly and Company.
The rising investment by the companies for the development of oncology drugs, increasing regulatory approval for oncology drugs, the partnership between companies to develop and supply oncology drugs and extend the market presence, increasing clinical studies on oncology drugs, and commercialization of new oncology drugs are some of the strategies adopted by the major companies.